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May 2016

Strong Jaguar Land Rover sales drive tripling of profit at Tata Motors

May 31, 2016 by shekarm

Strong sales by luxury vehicle maker Jaguar Land Rover and higher demand for trucks in its home market powered a tripling of net profit at India's Tata Motors Ltd in the latest quarter.

Aurobindo Pharma fourth quarter profit jumps 40 percent; shares rise 4 percent

May 31, 2016 by shekarm

Aurobindo Pharma Ltd (ARBN.NS), India's fourth-largest drugmaker by sales, said higher sales in the United States and emerging markets helped its fourth-quarter net profit grow 40 percent, above estimates, sending shares up as

Sun Pharma forecasts annual sales below estimates, shares fall

May 31, 2016 by shekarm

India's Sun Pharmaceutical Industries Ltd issued a weaker-than expected annual sales outlook as it grapples with increased competition in the United States as well as supply constraints, sending its shares 5 percent lower.

India will make corporate bonds part of fundraising for projects, says RBI official

May 31, 2016 by shekarm

India will make it compulsory for companies to raise funds via corporate bonds for some projects such as infrastructure, said Chandan Sinha, an executive director at the Reserve Bank of India (RBI), on Tuesday.

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Surging growth helps India retain fastest growing economy tag

May 31, 2016 by shekarm

India gathered momentum from January to March to extend its lead as the world's fastest growing large economy, helping Prime Minister Narendra Modi craft an impressive sales pitch for meetings with investors in the United States next week.

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Sensex slips 58 pts, but scores 3rd monthly gain

May 31, 2016 by shekarm

Marking its first drop in six days, the Sensex today came off its 7-month high slipping by about 58 points to end at 26,668, but managed to pull off its third straight monthly gain.

The benchmark index was weighed down by profit-taking amid a lower opening in Europe.

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Apple plant in India to benefit retail sector: Google

May 31, 2016 by shekarm

Batting for Apple's plant in the country, a Google India executive today said overall smartphone industry would grow further if the iPhone maker sets up facility here and bring more India-focused prodcuts.

"If Apple sets up a plant in India and are able to bring more products made for India, they might grow overall industry f

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1% tax on cash buy of goods,services over Rs2 L

May 31, 2016 by shekarm

Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract 1 per cent tax collected at source (TCS) from tomorrow.

The existing TCS of 1 per cent on cash purchase of over Rs 5 lakh of jewellery and over Rs 2 lakh of bullion will continue, tax officials said.

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Niti Aayog to start work on 15-year vision document

May 31, 2016 by shekarm

Government think-tank Niti Aayog will start consultations with states and experts from next month on preparing a 15-year vision document and a strategy for its implementation.

 

The Aayog has invited Andhra Pradesh Chief Minister Chandrababu Naidu, former Finance Commission Chairman Vijay Kelkar, former RBI Governors Bimal Jalan and Y V Reddy among others for the crucial deliberations, a senior government official said today.

 

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Govt keen to set up stressed assets fund to fight NPAs: Sinha

May 31, 2016 by shekarm

Amid reports that an arm of nation's largest lender SBI may set up a dedicated distressed assets fund, Union Minister Jayant Sinha today said the government is indeed working on such a proposal, but declined to share details.

"The details are being worked out," he said, when asked if SBI will lead the proposed bad bank or the

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